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Business Loan

    About Business Loan

    A business needs funds to start or even to carry on its existing operations but the question arises from where can one get these funds. A business loan may be an answer to this question. Thus, one can approach a reputed financial institution and opt for a business loan according to one€™s need and thus fulfill his /her dream of starting a business or even financing, expanding his/her existing business. These loans can be secured as well as unsecured. Secured business loans generally have lower interest rates. Apart from a business loan a financial institution may have other kind of products like overdraft facilities to take care of the business needs of the individuals.

    Business Loan Documents

    Documents Required

    1. ID Proof
    2. Address Proof
    3. Proof of Continuity Of Business
    4. Bank Statement 6 Months
    5. Board Resolution (If pvt ltd co. is co-borrower/Partnership Authorization Letter {if partnership firm is co-borrower}
    6. ITR & Statement Of Computation of Income €“ for last 2 Years
    7. Latest ITR of Co-Applicants €“ For last 2 Years
    8. Ownership Proof of Residence or Office

    Business Loan Eligibility

    Eligibility Criteria

    Who is Eligible for business loan ?

    Any person who is running a legitimate business with good earnings can go for a business loan. Banks have certain criteria to validate on how much and whom to give. This is on the basis on.

    1. Type of the business- ie Proprietorship, Partnership, Pvt Ltd or Public Ltd.
    2. Turnover of the business.
    3. Profit of the business.
    4. Cash flow of the business.
    5. Track record and type of business.